Denna eventstudie syftar till att undersöka hur ett byte av noteringslista påverkar kumulativ onormal avkastning (CAR) 1 till och med 12 månader efter genomfört byte. I studien undersöks därför utförda byten av noteringsplats på den svenska aktiemarknaden under tidsperioden 1995-2009. I studien beräknas onormal avkastning delvis med marknadsmodellen (MM) som grund, men också med Fama & French tre-faktormodell (FF) för att öka reliabiliteten. Vidare undersöks om skillnader i CAR föreligger under olika tidsintervall samt om olikheter förekommer efter att berörda företag delats in i undergrupper baserade på typ av byte, industri samt storlek. Slutligen testas utifall den eventuella kumulativa onormala avkastningen är signifikant skild från noll med student t-test samt om det föreligger skillnader i medelvärde i de olika undergrupperna. Resultatet visar att den genomsnittliga kumulativa onormala avkastningen (CAR) uppgår till – 4,57 % (MM), - 3,74 % (FF) en månad efter bytet, vilket är signifikant på 1 % - nivån. Denna negativa tendens håller i sig och efter 12 månader uppvisas CAR på – 20,20 % (MM), -16,99 % (FF) även dessa statistisk säkerställda på 1 % - nivån. Detta resultat är i linje med liknade studier på andra aktiemarknader. Vi kan alltså dra slutsatsen att detta fenomen även föreligger på den svenska aktiemarknaden samt konstatera att händelsen listbyte är något både företag och aktieägare bör beakta mer varsamt.

This study examines the relationship between the performances of US equity REITs and the market risk premium, SMB, HML, MOM as well as an industry index and a real estate index. The statistical significance of the abnormal returns and the beta coefficients of independent variables are examined. The REITs are categorized in seven groups according to their investment areas and the analysis results are compared. Daily return indexes of US equity REITs are collected for the period between 2005 and 2011. These data are then used to estimate the Capital Asset Pricing Model (CAPM) of Sharpe (1964) and Lintner (1965), the Fama and French&rsquo / s 3-Factor Model (1993) and Carhart&rsquo / s 4-Factor Model (1995). These models are re-estimated by adding an industry and a real estate index. The empirical results show that these added independent variables improve the available models. Additionally, no abnormal return is detected for REITs and their returns have a positive correlation with the SMB and HML factors and a negative correlation with the MOM factor. Therefore,, the REITs are relatively small and have high book-to-market ratios. The negative MOM coefficients indicate that the losers will win and the winners will lose.

Les deux premiers chants de Lucain témoignent d'une utilisation novatrice des discours directs dans l'épopée. Présentés sous forme de triades de paroles juxtaposées -le dialogue n'est plus possible dans le monde du De bello ciuili- dont l'objectif et le genre sont similaires, ils incitent le lecteur-auditeur de l'Antiquité, rompu aux joutes oratoires des concours de déclamation, à les comparer. L'examen de deux de ces groupes de discours sert de préliminaire à une enquête plus large sur la parole rhétorique, puis sur la parole poétique.Dans la confrontation des discours de la première triade (Curion / César /Laelius, au chant I) se lit la condamnation de l'éloquence traditionnelle fondée sur des valeurs éthiques universellement partagées. Elle est supplantée par une rhétorique sophistique qui redéfinit, exclusivement en fonction des intérêts personnels de l'orateur, tout ce qui a trait au droit, au juste ou à la citoyenneté, notions problématiques dans le contexte de perversion morale du bellum ciuile. L'efficacité de cette nouvelle éloquence est signalée par le succès des trois suasoires qui sont à l'origine des grands tournants narratifs de l'œuvre : Curion décide César à entrer définitivement dans l'affrontement civil (Chant I), Cicéron pousse Pompée à donner le signal du début du combat à Pharsale (Chant VII) et Pothin persuade Ptolémée d'assassiner Magnus (Chant VIII).Dans la comparaison des trois paroles prophétiques de la fin du livre I auxquelles répondent les trois discours du début du chant suivant, effusions angoissées de Romains anonymes (les femmes, les hommes et le vieillard), se dessine un art poétique destiné à justifier les choix génériques du poète pour traiter son sujet. Conformant son œuvre à la médiocrité humaine des masses, il doit renoncer au genre tragique (discours des femmes) ainsi qu'à la célébration épique des héros (discours des hommes) et s'efforcer de proposer, à l'instar du vieillard qui se remémore le passé pour anticiper le futur (le plus long discours de l'épopée, rappelant, par sa place et son sujet, l'ilioupersis d'Enée), une épopée historique qui cherche à percer l'opacité du monde de la guerre civile, dans lequel les dieux ne sont plus anthropomorphes. Empruntant leur esthétique du déchiffrement du réel aux Piérides ovidiennes, ces poétesses humaines, rivales des divines Muses (Métamorphoses V), Lucain refonde alors la persona de son uates. Chantre d'un genre nouveau, pour une épopée renouvelée, le 'piéridique' uates du De bello ciuili qui ne peut plus être omniscient -puisque les pensées et les actions des superi lui sont inconnaissables- refuse le patronage des divinités traditionnelles de la poésie, promet à son 'héros' César, non la gloire mais l'exécration éternelle et proclame avec défi, qu'il ne devra lui-même l'éternité qu'à la seule puissance de son talent personnel, divines Muses et grands guerriers héroïques des œuvres du passé ayant été congédiés par la guerre civile.

@Hebe Camargo, a “Hebe da Internet”, é tida por muitos como uma das principais webcelebridades brasileiras. Criada por Victor Calazans, ela surge no circuito da ‘alta mídia social’ no início de 2011 e sua notável visibilidade não demorou para atrair investimentos de patrocinadores e interesse por parte de uma rede de profissionais ligados à comunicação e ao mercado digital, compondo parte de uma paisagem midiática que seria impensável uma década atrás: indivíduos passam a adquirir fama e status de celebridade no ciberespaço e fazem de sua posição célebre uma profissão. O presente texto dissertativo se debruça sobre os modos através dos quais é possível fazer-se enquanto webcelebridade, estabelecendo como núcleo analítico e metodológico a narrativa de vida de (@) Hebe e Victor. Esses esforços me dirigem a estudar o self e o social como processos interativos. Ao inventar (@) Hebe Camargo, Victor inventa a si mesmo e algo que transcende sua individualidade: um modo de existir e ser atrelado ao virtual e ao digital e suas diversas implicações. Isso aproxima a reflexão aqui proposta de discussões de maior amplitude a respeito dos modos como sujeitos contemporâneos se engajam com as tecnologias digitais no curso da vida como é vivida e seus efeitos de poder. / @ Hebe Camargo, known as "Hebe from the Internet", is considered by many as one of the main Brazilian webcelebrities. Created by Victor Calazans, she appears in the 'high social media' circuit in the early 2011 and her remarkable visibility didn't take long to attract investments from sponsors and interest from a network of professionals linked to communication and digital markets, composing part of a media landscape that would have been unthinkable a decade ago: individuals that acquire fame and celebrity status in cyberspace and make this celebrated position a profession. This essay focuses on the ways in which are possible to make oneself as webcelebrity, establishing as analytical and methodological core (@) Hebe and Victor’s narrative of life. These efforts are directed to study the self and the social as interactive processes. By inventing ( @ ) Hebe Camargo, Victor invents himself and something that transcends his individuality: a way to be and exist in the world attached to the virtual and the digital and its numerous implications. This approximates this reflection with discussions of higher amplitude concerning the ways contemporary subjects engage with digital technologies in the course of life as it is lived and it’s effects of power.

@Hebe Camargo, a “Hebe da Internet”, é tida por muitos como uma das principais webcelebridades brasileiras. Criada por Victor Calazans, ela surge no circuito da ‘alta mídia social’ no início de 2011 e sua notável visibilidade não demorou para atrair investimentos de patrocinadores e interesse por parte de uma rede de profissionais ligados à comunicação e ao mercado digital, compondo parte de uma paisagem midiática que seria impensável uma década atrás: indivíduos passam a adquirir fama e status de celebridade no ciberespaço e fazem de sua posição célebre uma profissão. O presente texto dissertativo se debruça sobre os modos através dos quais é possível fazer-se enquanto webcelebridade, estabelecendo como núcleo analítico e metodológico a narrativa de vida de (@) Hebe e Victor. Esses esforços me dirigem a estudar o self e o social como processos interativos. Ao inventar (@) Hebe Camargo, Victor inventa a si mesmo e algo que transcende sua individualidade: um modo de existir e ser atrelado ao virtual e ao digital e suas diversas implicações. Isso aproxima a reflexão aqui proposta de discussões de maior amplitude a respeito dos modos como sujeitos contemporâneos se engajam com as tecnologias digitais no curso da vida como é vivida e seus efeitos de poder. / @ Hebe Camargo, known as "Hebe from the Internet", is considered by many as one of the main Brazilian webcelebrities. Created by Victor Calazans, she appears in the 'high social media' circuit in the early 2011 and her remarkable visibility didn't take long to attract investments from sponsors and interest from a network of professionals linked to communication and digital markets, composing part of a media landscape that would have been unthinkable a decade ago: individuals that acquire fame and celebrity status in cyberspace and make this celebrated position a profession. This essay focuses on the ways in which are possible to make oneself as webcelebrity, establishing as analytical and methodological core (@) Hebe and Victor’s narrative of life. These efforts are directed to study the self and the social as interactive processes. By inventing ( @ ) Hebe Camargo, Victor invents himself and something that transcends his individuality: a way to be and exist in the world attached to the virtual and the digital and its numerous implications. This approximates this reflection with discussions of higher amplitude concerning the ways contemporary subjects engage with digital technologies in the course of life as it is lived and it’s effects of power.

This thesis is based on several chapters, which, after introducing the basic information, go deeper into the topic and develop it further. In the introduction, I am interested in the genesis of terms used in the work. I analyze their different etymology and geographical use and understanding. Here is a section dealing with the background of rosicrucianism, which freely translates into prominent figures and central writings. The work concludes with introducing the orders and their current activities on the territory of the Czech Republic.

This paper examines the capital - asset pricing model (CAPM) which has been extended with a factor for geo-political risk. I use monthly stock return data for all stocks listed on a major US exchange from January 1990 to December 2016 and utilize a Fama-Macbeth Regression with Newey-West standard errors to test the geo-political augmented Sharpe-Lintner CAPM. The paper first determines if increased sensitivity to geopolitical risk lead s to lower average returns and second assesses if geo-political risk as an explanatory variable is a significant enough to expose a failure of the CAPM to capture expected returns fully through beta. The results of our regressions do not confirm the hypothesis that firms with high sensitivities to geo-political risk have expressly different returns in the long run. Furthermore, our Fama-Macbeth regression does not find expressly significant average slopes for geo-political risk as a variable.

@Hebe Camargo, a “Hebe da Internet”, é tida por muitos como uma das principais webcelebridades brasileiras. Criada por Victor Calazans, ela surge no circuito da ‘alta mídia social’ no início de 2011 e sua notável visibilidade não demorou para atrair investimentos de patrocinadores e interesse por parte de uma rede de profissionais ligados à comunicação e ao mercado digital, compondo parte de uma paisagem midiática que seria impensável uma década atrás: indivíduos passam a adquirir fama e status de celebridade no ciberespaço e fazem de sua posição célebre uma profissão. O presente texto dissertativo se debruça sobre os modos através dos quais é possível fazer-se enquanto webcelebridade, estabelecendo como núcleo analítico e metodológico a narrativa de vida de (@) Hebe e Victor. Esses esforços me dirigem a estudar o self e o social como processos interativos. Ao inventar (@) Hebe Camargo, Victor inventa a si mesmo e algo que transcende sua individualidade: um modo de existir e ser atrelado ao virtual e ao digital e suas diversas implicações. Isso aproxima a reflexão aqui proposta de discussões de maior amplitude a respeito dos modos como sujeitos contemporâneos se engajam com as tecnologias digitais no curso da vida como é vivida e seus efeitos de poder. / @ Hebe Camargo, known as "Hebe from the Internet", is considered by many as one of the main Brazilian webcelebrities. Created by Victor Calazans, she appears in the 'high social media' circuit in the early 2011 and her remarkable visibility didn't take long to attract investments from sponsors and interest from a network of professionals linked to communication and digital markets, composing part of a media landscape that would have been unthinkable a decade ago: individuals that acquire fame and celebrity status in cyberspace and make this celebrated position a profession. This essay focuses on the ways in which are possible to make oneself as webcelebrity, establishing as analytical and methodological core (@) Hebe and Victor’s narrative of life. These efforts are directed to study the self and the social as interactive processes. By inventing ( @ ) Hebe Camargo, Victor invents himself and something that transcends his individuality: a way to be and exist in the world attached to the virtual and the digital and its numerous implications. This approximates this reflection with discussions of higher amplitude concerning the ways contemporary subjects engage with digital technologies in the course of life as it is lived and it’s effects of power.

This thesis has used the Fama and French five-factor model (FF5M) and proposed an alternative model. The proposed model is named the Fama and French five-factor heteroscedastic student's model (FF5HSM). The model utilises an ARMA model for the returns with the FF5M factors incorporated and a GARCH(1,1) model for the volatility. The FF5HSM uses returns data from the FF5M's portfolio construction for the Japanese stock market and the five risk factors. The portfolio's capture different levels of market capitalisation, and the factors capture market risk. The ARMA modelling is used to address the autocorrelation present in the data. To deal with the heteroscedasticity in daily returns of stocks, a GARCH(1,1) model has been used. The order of the GARCH-model has been concluded to be reasonable in academic literature for this type of data. Another finding in earlier research is that asset returns do not follow the assumption of normality that a regular regression model assumes. Therefore, the skewed student's t-distribution has been assumed for the error terms. The result of the data indicates that the FF5HSM has a better in-sample fit than the FF5M. The FF5HSM addresses heteroscedasticity and autocorrelation in the data and minimises them depending on the portfolio. Regardingforecasting, both the FF5HSM and the FF5M are accurate models depending on what portfolio the model is applied on.

Value creation in any stock market is a highly discussed topic with an abundant amount of generalized models aiming to predict future returns. Although no such tool exists yet there are, however, acknowledged models from peer-reviewed journals that have received a lot of attention over the years in examining company performance. This thesis is therefore built on the well-known Fama-French three-factor model. The original Fama-French three-factor model is extended by adding a new size premium and a new value premium, both based upon the spread between the return on invested capital (ROIC) – the weighted average cost of capital (WACC). The purpose of this is to make the returns of a portfolio account for cash flow and debt on top of risk, size, and value premium for a company. This thesis finds that the ROIC-WACC spread adds explanatory power to the existing Fama and French three-factor model on the Swedish stock market. The research method of this study is quantitative and deductive. The considered period is six years between the years 2014 and 2020.